SPY/QQQ Plan your Trade For 2-28 : Gap Up - Lower

Today's pattern suggests the markets will open with a slight GAP UP (higher), then transition into a downward price trend throughout the rest of the day.

After yesterday's deep selling, I suspect there may be a bit more of an uptrend in early trading.

The 584-585 level on the SPY was hit. That was my original projected downside target for the Feb 21-24 breakdown in price.

We've also seen Bitcoin collapse a little over 25%.

I believe this deep selling in Bitcoin prompted a "sell-everything" type of breakdown in the SPY/QQQ and other assets (gold/silver).

Once this move subsides/bases, I believe we'll see 2-3 days of basing/bottoming, then a reasonably strong reversion rally in the SPY/QQQ as the sell-everything fear settles.

This would be a good time to look for initial "anchor" positions in certain assets related to a moderate recovery rally between now and March 11-14 - maybe a bit later.

Overall, we are moving solidly into my expanding megaphone pattern and should continue to see increased price volatility.

The next phase of the market trends is a moderate recovery rally. Then, as we approach the March 21-24 breakdown phase, we will see more selling.

Get ready for a base/bottom setup. Then, we'll see the price move into a recovery phase, and the SPY may target 600 to 604 before topping again.

Get some.

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